Kasikorn holding my money?

[4evermaat]

In the future, i recommend the payor pull the money out and pay it into CDM or branch. Or cash. If you demand immediacy.

Why do you recommend that?

Going into a bank with 4 million in cash will certainly raise more flags than doing a domestic bank transfer where they can easily see exactly where the money are from.

Normally there shouldn’t be a problem transferring ฿4m from one account to another, heck, my daily limit when doing internet banking is higher.

That the OP hasn’t even been told the reason for the delay indicates that this is not a routine check that he is being subjected to.

But if you do decide to carry around that much cash be sure to tell me in advance so I can get some of my Thai buddies recently released from prison to escort you.

I thought it was 400,000 baht.

[MobileContent]

Any update if the payment has been cleared already?

[NewInPatts]

Any update if the payment has been cleared already?

Nothing. Calling the head office every day seems to make matters worse as well. Just get told to wait and they will call us once its released.

In the meantime the bank account is unusable. I wonder how normal thai people, who depend on their salary would handle that situation. We are in week number 2 now.

[MobileContent]

Any update if the payment has been cleared already?

Nothing. Calling the head office every day seems to make matters worse as well. Just get told to wait and they will call us once its released.

In the meantime the bank account is unusable. I wonder how normal thai people, who depend on their salary would handle that situation. We are in week number 2 now.

Do you mean the account no longer can be used?

After 28 years in Thailand I have never been in such situation or even heard of it.

1) Was it a personal payment from the car company that bought your car or a company transfer?

2) Did you signed the sales contract or your wife?

3) How old was the car?

4) The payment was in the amount of 300,000 Baht? Why didn't the dealer paid you in cash. Th purchase of cars as far as I know in mainly done in cash.

5) Is the car with the dealer still or did he sold it already? How long have you known the dealer?

6) Was the car before bought on finance?

7) How long have you been with your bank.

8) Finally, if you don't mind why you wanted to withdraw the 300k the next day out. Did you wanted to buy a new car?

You are in a tough situation but if you don't get your money soon I might think it will be confiscated.

[blackcab]

The car was sold for 4 million baht. The OP wanted to withdraw 300k from the account.

[MobileContent]

The car was sold for 4 million baht. The OP wanted to withdraw 300k from the account.

OK maybe it was an imported car and no import duty was paid on it. If no import duty was paid the money will be confiscated and it is time to take a lawyer.

[NewInPatts]

The car was sold for 4 million baht. The OP wanted to withdraw 300k from the account.

OK maybe it was an imported car and no import duty was paid on it. If no import duty was paid the money will be confiscated and it is time to take a lawyer.

Was a 7 series BMW bought by the biggest BMW dealer in Thailand.. guessing their paperwork should be in order. Dealer starts with M..

[MobileContent]

The car was sold for 4 million baht. The OP wanted to withdraw 300k from the account.

OK maybe it was an imported car and no import duty was paid on it. If no import duty was paid the money will be confiscated and it is time to take a lawyer.

Was a 7 series BMW bought by the biggest BMW dealer in Thailand.. guessing their paperwork should be in order. Dealer starts with M..

Should be ok I guess as the company has a very good reputation. Was the car bought on your wife's name? If yes sounds good as well.

[NewInPatts]

The car was sold for 4 million baht. The OP wanted to withdraw 300k from the account.

OK maybe it was an imported car and no import duty was paid on it. If no import duty was paid the money will be confiscated and it is time to take a lawyer.

Was a 7 series BMW bought by the biggest BMW dealer in Thailand.. guessing their paperwork should be in order. Dealer starts with M..

Should be ok I guess as the company has a very good reputation. Was the car bought on your wife's name? If yes sounds good as well.

Yeah in my wifes name. Money went to her account and Kbank pretty much told as it's happening more and more with the 'money on hold' situation lately. It's the gov not the bank itself.

[phirho]

Yeah in my wifes name. Money went to her account and Kbank pretty much told as it's happening more and more with the 'money on hold' situation lately. It's the gov not the bank itself.

Just trying to understand at what point the govt gets involved... Do all transfers above certain amount have to get approval from AMLO (or w/e) before they are credited to the recipient account? Or does the supposed check happen AFTER the transfer is complete so your account may be silently flagged and you don't know it until you try to withdraw the monies?

NewInPatts, was your account balance showing the car dealer's payment before you attempted to withdraw it? Did you receive the SMS alert about the incoming payment?

[WorkingTourist]

Just trying to understand at what point the govt gets involved... Do all transfers above certain amount have to get approval from AMLO (or w/e) before they are credited to the recipient account? Or does the supposed check happen AFTER the transfer is complete so your account may be silently flagged and you don't know it until you try to withdraw the monies?

I am not sure the government is involved in this case.

The government has likely dictated some “know your customer” policies, which most countries do (to prevent money laundering), but it’s generally up to the bank to execute on these policies.

The most common trigger is to receive money above a certain threshold (which might be based on past history with the bank), in which case the bank will ask for “proof of funds” before they credit your balance. Presumably if you fail to provide adequate documentation the money are returned to sender.

As I said above, I have been subjected to this once in Thailand, although all they wanted from me was a signature on a form and a copy of my passport. Perhaps this form said that the money were obtained legally.

It has also happened to me in a number of other countries. Once I was explicitly asked for proof of funds, and I sent them a spreadsheet showing one month’s of revenue for my business, which was satisfactory, the other times it only took a phone call.

To me it sounds like NewInPatts has just been unfortunate in not getting through to people who actually know how to clear this up.

If they keep saying that it’s in the hands of “the government” then I would ask for a case number and contact person from this so called government that is holding the money.

[Robert24]

Just trying to understand at what point the govt gets involved... Do all transfers above certain amount have to get approval from AMLO (or w/e) before they are credited to the recipient account? Or does the supposed check happen AFTER the transfer is complete so your account may be silently flagged and you don't know it until you try to withdraw the monies?

I am not sure the government is involved in this case.

The government has likely dictated some “know your customer” policies, which most countries do (to prevent money laundering), but it’s generally up to the bank to execute on these policies.

The most common trigger is to receive money above a certain threshold (which might be based on past history with the bank), in which case the bank will ask for “proof of funds” before they credit your balance. Presumably if you fail to provide adequate documentation the money are returned to sender.

As I said above, I have been subjected to this once in Thailand, although all they wanted from me was a signature on a form and a copy of my passport. Perhaps this form said that the money were obtained legally.

It has also happened to me in a number of other countries. Once I was explicitly asked for proof of funds, and I sent them a spreadsheet showing one month’s of revenue for my business, which was satisfactory, the other times it only took a phone call.

To me it sounds like NewInPatts has just been unfortunate in not getting through to people who actually know how to clear this up.

If they keep saying that it’s in the hands of “the government” then I would ask for a case number and contact person from this so called government that is holding the money.

They don't follow the same AMLO principles as in other countries here. You can deposit millions in cash and take out again without questions.

[Robert24]

To the Op: was it a checque deposited or cash? If it was a checque it just takes a few days.

[Robert24]

Will go with the car dealer to the bank on Monday and see what happens. As of this week they told us they (the bank) submitted the sales contract, which already includes a copy of each ID go the head office and we will have to wait a week. Will let you know the outcome.

You'll probably be fine. Over the last year the Thailand AMLO has seemed to get more serious in monitoring large money movements...new monitoring/reporting requirements placed on Thai banks. Also, since grey market cars and import taxes not being paid on those cars got a lot of attention over the last year, maybe that has something to do with it. And this may be purely a internal K-bank funds clearing policy they are following for large sums and the AMLO stuff is just a side reporting issue.

large money movements? You are talking 300k. Surely not categorized as large movement.

[NewInPatts]

Once again, not 300k - several million baht.

I tried to take out 300k and noticed the money from the car dealer was not credited, even my wife received a SMS confirmation that the money was credited and we got the payment slips and all of it. They keep telling us to wait as they check with AMLO.

[NewInPatts]

Will go with the car dealer to the bank on Monday and see what happens. As of this week they told us they (the bank) submitted the sales contract, which already includes a copy of each ID go the head office and we will have to wait a week. Will let you know the outcome.

You'll probably be fine. Over the last year the Thailand AMLO has seemed to get more serious in monitoring large money movements...new monitoring/reporting requirements placed on Thai banks. Also, since grey market cars and import taxes not being paid on those cars got a lot of attention over the last year, maybe that has something to do with it. And this may be purely a internal K-bank funds clearing policy they are following for large sums and the AMLO stuff is just a side reporting issue.

large money movements? You are talking 300k. Surely not categorized as large movement.

Please read the thread again. Not 300k - millions of baht. Not everyone is driving a Honda Jazz.

[NewInPatts]

Just trying to understand at what point the govt gets involved... Do all transfers above certain amount have to get approval from AMLO (or w/e) before they are credited to the recipient account? Or does the supposed check happen AFTER the transfer is complete so your account may be silently flagged and you don't know it until you try to withdraw the monies?

I am not sure the government is involved in this case.

The government has likely dictated some “know your customer” policies, which most countries do (to prevent money laundering), but it’s generally up to the bank to execute on these policies.

The most common trigger is to receive money above a certain threshold (which might be based on past history with the bank), in which case the bank will ask for “proof of funds” before they credit your balance. Presumably if you fail to provide adequate documentation the money are returned to sender.

As I said above, I have been subjected to this once in Thailand, although all they wanted from me was a signature on a form and a copy of my passport. Perhaps this form said that the money were obtained legally.

It has also happened to me in a number of other countries. Once I was explicitly asked for proof of funds, and I sent them a spreadsheet showing one month’s of revenue for my business, which was satisfactory, the other times it only took a phone call.

To me it sounds like NewInPatts has just been unfortunate in not getting through to people who actually know how to clear this up.

If they keep saying that it’s in the hands of “the government” then I would ask for a case number and contact person from this so called government that is holding the money.

Thanks for your reply! Do you remember how long it took until you got your money out, once you provided proof of funds?

I gave them everything from sales contract and the actual pay slip, but its been 2 weeks now.. if not a few day more.

[WorkingTourist]

Thanks for your reply! Do you remember how long it took until you got your money out, once you provided proof of funds?

I gave them everything from sales contract and the actual pay slip, but its been 2 weeks now.. if not a few day more.

I contacted the bank (via email) Wednesday evening. They called me Thursday and explained the issue, and that I had to go to the bank with my passport. I went to the bank Friday morning (around 9 or 10 a.m.), and the money were deposited to my account before 2 p.m.

What you are experiencing sounds completely unacceptable!

Has the bank confirmed that 4 million was actually transferred to your wifes account?

I wouldnt put much faith in the SMS as the car dealer can just move money to his own account and enter your wifes number as the one to notify (unsure if the SMS has the account number).

[TheCruncher]

OP, assuming from your username that you are in Pattaya, if your money isn't in your account by tomorrow 9 am I would go to OCPB at City Hall right away and explain the situation.

You will have a correct answer within a few minutes.

PM me if you want some info who to talk to and where his office is.

[kingalfred]

Wouldnt trust Kasikorn Bank on any level! A person (non thai) I was working with quit his job . His salary had already been paid into the bank. When he tried to withdraw some funds from his own bank account he was informed his account had been frozen at the behest of the organization which had given the letter of authorization to open the account some months previous. Unbelieveable isn't it! The corruption of the place and low regard of a farang in a nutshell!

Edited November 22, 2015 by kingalfred

[blackcab]

Thanks for your reply! Do you remember how long it took until you got your money out, once you provided proof of funds?

I gave them everything from sales contract and the actual pay slip, but its been 2 weeks now.. if not a few day more.

I contacted the bank (via email) Wednesday evening. They called me Thursday and explained the issue, and that I had to go to the bank with my passport. I went to the bank Friday morning (around 9 or 10 a.m.), and the money were deposited to my account before 2 p.m.

What you are experiencing sounds completely unacceptable!

Has the bank confirmed that 4 million was actually transferred to your wifes account?

I wouldnt put much faith in the SMS as the car dealer can just move money to his own account and enter your wifes number as the one to notify (unsure if the SMS has the account number).

The SMS does have the account number (actually just the last few digits).

[Robert24]

Once again, not 300k - several million baht.

I tried to take out 300k and noticed the money from the car dealer was not credited, even my wife received a SMS confirmation that the money was credited and we got the payment slips and all of it. They keep telling us to wait as they check with AMLO.

ok got it - I concluded wrong from the fact you wanted to withdraw 300k . Still think this is related to the clearance of the checque. I mean instead of a normal checque, he could have deposited a cashier's cheque or cash and you have the money right away. You can deposit many millions of baht in cash and no questions asked. Maybe there is something wrong with this car dealer.

[MobileContent]

Once again, not 300k - several million baht.

I tried to take out 300k and noticed the money from the car dealer was not credited, even my wife received a SMS confirmation that the money was credited and we got the payment slips and all of it. They keep telling us to wait as they check with AMLO.

Have you tried to contact AMLO directly.

http://www.amlo.go.th/amlofarm/farm/en/index.php?option=com_content&view=article&id=11334&Itemid=554353

I would not wait for KBank to get this issue resolved and I would directly go with your wife and the car dealer to AMLO.

PS: One more question ! Has your wife a tax id? Was the car in her name or your name? If the car was in your name but the funds was deposited in her account, this could trigger some investigations as the Bank account can only be used for personal transactions. If your wife has no tax id and paid no taxes the transaction might raise a red flag.

Edited November 24, 2015 by MobileContent

[Robert24]

Just out of interest, how did this case conclude?

[MobileContent]

Was the funds cleared already?

[inzman]

So what's the outcome? We're waiting to hear.

[NewInPatts]

Cleared up.

As luck would have it the misses was tied up in an old house loan in another province with her mother. Her mother died. The bank kept sending letters to a vacant address, repo'd the house, took the remaining balance out my wives account and gave us the remaining money back..

[dennis123]

All I can think right now is, Thais are full of surprises!

Glad you finally got your money though.

[NewInPatts]

Believe it or not but I wasn't even shocked to hear about it.

Luckily it's only a small left over amount from a house in Chiang Mai so nothing too major that would break the bank.

This being Thailand it didn't really shock me.

[dennis123]

Believe it or not but I wasn't even shocked to hear about it.

Luckily it's only a small left over amount from a house in Chiang Mai so nothing too major that would break the bank.

This being Thailand it didn't really shock me.

Haha you got the right attitude.